Sebonic Financial Mortgage Review 2024

Sebonic Financial overview

A division of Cardinal Financial, Sebonic Financial is a privately held lender based in Charlotte, North Carolina. Octane, the lender's proprietary technology, aims to provide a seamless experience for borrowers, including drag-and-drop document and e-signature capabilities and real-time status updates. In short: You’ll know where your loan stands at every critical checkpoint through Sebonic’s platform. The lender offers prequalifications in minutes and preapprovals in one to two days, while the typical closing takes 27 days.

Pros and cons of Sebonic Financial

How Bankrate scored Sebonic Financial

• Affordability: Sebonic Financial’s rates are generally favorable, but you’ll need to contact the lender directly or find its offers on a third-party site to learn what you might qualify for.
• Availability: This lender works with qualified borrowers around the U.S. It offers the basic suite of mortgage options, including conventional and government-backed loans.
• Borrower experience: Sebonic Financial boasts positive reviews from past borrowers. With the exception of consulting with a loan officer and some parts of the closing, you can complete most of the lending process with this lender online.

Affordability: 6.6/10

Sebonic Financial doesn’t advertise interest rates on its website, but does on other sites, including Bankrate. As of this review, its rates were comparable to and sometimes lower than Bankrate’s averages. While you can request a rate quote online, you won’t receive it until after you’ve spoken with a loan officer. In addition, the lender charges an origination fee of $1,490.

Availability: 10/10

Sebonic Financial’s mortgage offerings include conventional, FHA, VA and USDA loans, along with jumbo mortgages if you’re buying a higher-priced property. FHA loans have a low credit score requirement of 550, while VA and USDA loans have no down payment requirements. For conventional loans, you’ll need a credit score of at least 620 and to put at least 5 percent down.

Borrower experience: 4.5/10

Sebonic Financial’s parent company Cardinal Financial consistently receives accolades from borrowers, contributing to its A+ with the Better Business Bureau. Sebonic on its own has a “Great” rating on Trustpilot, as well. You can request a free rate quote online through the Sebonic Financial website, but you’ll need to speak with a loan officer to move forward with the process. If you need to run some numbers, you can use the lender’s online calculators — Sebonic doesn’t provide any other resources online. Once you get started, the lender offers an online application that allows you to upload documents, e-sign your disclosures and get real-time status updates. The lender doesn’t offer a mobile app, however. If you have questions throughout the process, the lender operates a chat function on its website, or you can reach a customer service agent via email. (If you already have a loan in progress, it might make sense to contact your loan officer directly instead.)

How to apply for a mortgage with Sebonic Financial

You can apply for a mortgage with Sebonic Financial online or by phone at 866-336-8021. Its customer service hours are Monday through Friday from 8 a.m. to 8 p.m. ET. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Sebonic Financial

Sebonic Financial offers both rate-and-term and cash-out refinancing options. It doesn’t display its refi rates or costs online, so you’ll need to speak with a loan officer to get a quote and those details.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.